NBG sale of its 75 pct stake in Ethniki Insurance improves capital ratio by more than 100 bps

EconomyBanking Tags: Banking, NBG
Photo by MacroPolis
Photo by MacroPolis

National Bank of Greece (NBG) announced on Thursday it entered into an agreement with the Dutch EXIN Financial Services Holdings BV for the sale of a 75 percent stake in Ethniki Insurance, NBG’s insurance subsidiary in Greece.

The consideration of the transaction stands at 718.3 million implying a total enterprise value of 958 million. NBG will retain a 25 percent share in Ethniki Insurance, which will remain its exclusive bancassurance provider under a new ten-year partnersh...

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